Insuring Your Second Home

An estimated 721,000 vacation homes sold last year. That's down nearly 22% from the year before.¹

When it comes to insuring your second home, you may find that the coverage you need is quite different from what you have on your primary home.

The Unique Risks of a Second Home

Your current homeowners policy may allow for coverage of two properties under one policy, but because there are unique risks with a second home, a separate policy may be more conducive to obtaining the coverage you need.

Here are some of the special risks you may need to cover:

Long Periods without Occupation

An unoccupied home can invite trouble. Without a presence, there is no one to fix a leak, respond to weather damage, or even report a fire. It also may become a target for burglars.

Isolated Location

While seclusion may be a top priority for a vacation home, it also means that you may be far removed from the services that can prevent larger losses, such as a fire hydrant or fire department.

Renters

Renting out your home when you’re not using it may be a good idea to offset the costs of ownership. However, having renters (or even guests) may increase your liability to any damage or injury associated with their stay.

Be sure to work with an agent to secure the right coverage. Also discuss the benefit of raising your personal liability coverage to protect you from any increase in risk to your personal wealth that may come with offering your home to guests and renters.

National Association of Realtors, April 2017

The information in this material is not intended as legal advice. Please consult a legal professional for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.

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The content is developed from sources believed to be providing accurate information.
The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals
for specific information regarding your individual situation. Some of this material was developed and produced by
FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named
representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and
material provided are for general information, and should not be considered a solicitation for the purchase or
sale of any security.

Copyright 2019 FMG Suite.

Alliance Advisory Group is an Agency of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 600 Delaware Avenue Buffalo, NY 14202, ph # 716.817.7109. PAS is an indirect, wholly-owned subsidiary of Guardian. Alliance Advisory Group is not an affiliate or subsidiary of PAS or Guardian. Alliance Advisory Group is not a registered investment advisor

This Material is Intended For General Public Use. By providing this material, Guardian is not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation.